The storm named Babet brought encouraging news for energy users. The average electricity price for customers under regulated tariffs linked to the wholesale market is set to fall on Wednesday, October 18. The drop reaches 43.9% from Tuesday, with prices dipping to 60.74 euros per megawatt hour (MWh). This figure marks the lowest level seen since August 27, when it stood at 52.31 euro/MWh.
In line with local time zones, the highest price of 102.56 euro/MWh is anticipated between 19:00 and 20:00, while the lowest price occurs between 16:00 and 17:00, during which consumers will pay around 5 euro/MWh. The operator for the Iberian electricity market, OMIE, confirms these projections.
After a Monday that saw prices at 141.05 euro/MWh, the market is easing. That peak was the strongest since March 6 and edged up from an intraday high of 147.77 euro/MWh. The easing in prices correlates with rain arriving over the Iberian Peninsula as Babet brings strong winds and rainfall, contributing to a calmer supply-demand balance.
For October so far, the market average stands at 112.23 euro/MWh, compared with 127.21 euro/MWh recorded by the pool in the same month in 2022, reflecting a clear downward trend in the early part of the month.
Cofrentes and Vandellós II stops
The storm over recent days is expected to reactivate lower-cost energy in the overall electricity mix, particularly wind power. In 2022 wind energy accounted for about 22.1% of all electricity generation in Spain. ASE experts note that wind energy production in the first two weeks of the month remained around 81 gigawatt hours (GWh), well below the October average of roughly 140 GWh and below last year’s October figure of 162 GWh.
At the same time, two nuclear plants, Cofrentes in Valencia and Vandellós II in Tarragona, have been disconnected from the grid. This has prompted a temporary reliance on natural gas, a fuel whose price has risen by about 26.6% since the onset of regional conflict in the Middle East.
Hourly electricity price
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00:00 – 01:00: 61.37 €/MWh
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01:00 – 02:00: 38.00 €/MWh
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02:00 – 03:00: 27.01 €/MWh
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03:00 – 04:00: 10.00 €/MWh
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04:00 – 05:00: 5.00 €/MWh
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05:00 – 06:00: 10.01 €/MWh
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06:00 – 07:00: 49.18 €/MWh
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07:00 – 08:00: 75.32 €/MWh
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08:00 – 09:00: 98.74 €/MWh
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09:00 – 10:00: 95.27 €/MWh
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10:00 – 11:00: 87.00 €/MWh
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11:00 – 12:00: 71.67 €/MWh
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12:00 – 13:00: 62.26 €/MWh
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13:00 – 14:00: 60.57 €/MWh
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14:00 – 15:00: 50.00 €/MWh
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15:00 – 16:00: 45.55 €/MWh
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16:00 – 17:00: 46.97 €/MWh
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17:00 – 18:00: 61.37 €/MWh
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18:00 – 19:00: 83.99 €/MWh
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19:00 – 20:00: 102.56 €/MWh
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20:00 – 21:00: 101.30 €/MWh
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21:00 – 22:00: 88.87 €/MWh
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22:00 – 23:00: 70.00 €/MWh
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23:00 – 24:00: 55.77 €/MWh
Off-peak hours and peak hours
Experts advise aligning energy use with the cheapest hours, often called off-peak periods. During several hours of the night, from around 3:00 to 6:00, prices stay below 10.01 euro per MWh. To help lower the electricity bill, households can switch off lights when rooms are empty, run washing machines during off-peak times, use eco modes on appliances, and unplug chargers when not in use. This guidance aligns with common energy-saving strategies shared by energy advisors.
Conversely, the peak hours where prices rise above 101 euro per MWh occur in the early evening, roughly between 7:00 p.m. and 9:00 p.m.
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